It was only Monday when we listed all the reasons the Yankees shouldn’t sign Rafael Soriano. On Thursday, we read that the Yankees signed him to a horrendous 3 year/$35 million deal.

Soriano has player options after the first and second years of the deal, according to the source. In the first year, Soriano will receive $10 million and get an additional $1.5 million if he opts out. In the second year, he’ll receive $11 million and an additional $1.5 million if he opts out. He’ll get $14 million in the third year of his contract.

This deal is so stupid from so many different levels: cost, length, expected production, giving our first round pick to a division rival, injury history, overbidding despite lack of market demand. It’s like we’ve gone back to pre-2006 decision-making. Have we? ESPN’s Buster Olney tweeted:

Looks like there was a split in Yankees’ org. over this — since it took place just days after Cashman said he wouldn’t give up No. 1 pick.

Furthermore, any attempt to spin this deal as positive is deserving of a flavorful cocktail:

This terrible deal caps off an offseason in which the Yankees positioned their starting rotation so poorly that they could only rely on hope in their efforts to improve it — hope that Cliff Lee would sign and hope that Andy Pettitte wouldn’t retire. As it stands currently, the organization with the greatest resources in American sports will enter the 2011 season with two reliable starting pitchers and an incredibly overpaid set-up man. Simply ridiculous.

Something is wrong in the corporate offices of Yankee Stadium.

Has C-Money gone mad, or is something else going on?

*Props to Marshall Seymour, Gary Wallace, and Louis Winthorpe III for uniting over this jawdrop.